Trean Insurance Group, Inc.

are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. Garrett Edson of ICR. Thank you, sir. You may begin.

Thank you. Good afternoon and welcome to Treon Insurance Group's fourth quarter and full year 2020 earnings call. This afternoon, the company released its financial results for the quarter and full year ended December 31st, 2020. The press release is available in the investor relations section of the company's website at www.treon.com. I would like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. I refer you to the company's filings made with the SEC for a more detailed discussion of the risks and the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. The company undertakes no duty to update any forward-looking statements that may be made during the course of this call. Additionally, certain non-GAAP financial measures will be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP can be accessed through our filings with the SEC at www.sec.gov. Joining me on the call today are Andrew O'Brien, the company's President and Chief Executive Officer, and Julie Barron, the company's Chief Financial Officer. With that, I am now going to turn the call over to Andy.

Thank you, Garrett. We welcome you all to our fourth quarter 2020 earnings call. We appreciate your participation on our call and for your continued interest in Treon. On today's call, I will walk through our higher-level results and our overall strategy for 2021 and beyond. Our CFO, Julie Barron, will follow and provide some detail about our fourth quarter and four-year results, and then we'll open it up to Q&A. 2020 was a year that truly tested all of us, and I'm proud to say that our entire team at Treon faced the challenges head-on and delivered rock-solid results throughout the year. In July, we completed our initial public offering, a landmark achievement for our company. Further, the resilience of our business model was validated. and we enter 2021 in prime position to further expand our market share and sustainably grow our business. In particular, we were very pleased by our fourth quarter performance. We drove considerable revenue volume, revenue growth, which streamed to our cash flow and ultimately will increase our earnings. During the fourth quarter, we grew gross written premiums by 37% year over year, an excellent performance generated through multiple sources, including our new program partners, organic growth, and acquisition of 7710 insurance. Our net earned premium ratio is 30.2%. We continue to improve our loss ratio on a year-over-year basis, further evidence of our successful approach to underwriting. And we generated adjusted net income after excluding non-recurring other expenses and significant non-cash items of $11.2 million, or 22 cents per diluted share, producing adjusted ROE of 11% and adjusted ROTE of 23.4%. We've consistently discussed that a vital part of our overall program partner strategy is targeting specific niche programs with a clear competitive edge. To that end, in the fourth quarter, Our non-workers' comp liability lines grew gross written premiums by 75% year over year, while our workers' compensation segments saw a 28% increase. While workers' comp still makes up the lion's share of our business, we are making strong inroads in diversifying our overall business, which will serve to reduce concentration risk and enable us to exploit our advantages in newer niche segments to grow more rapidly. We also continue to maintain a strong pipeline of opportunities to add new business in the coming quarters. The fourth quarter was very strong for us in terms of year-over-year gross written premiums growth. And as we continue to retain more and more premium in our books, thanks to our solid capital base, we've also seen numerous additional opportunities to further expand our market share. During 2020, we added nine new program partners all of which are already making strong contributions to TRIA. Our growth in the second half of 2020 exceeded our projections, and we expect that momentum to carry into 2021. To responsibly build on this momentum, we plan to accelerate our investments in automation, technology, workforce additions, and other areas in order to ensure that we are providing a superior competitive and value proposition to existing and prospective customers. While these investments in our growth will cause G&A to remain somewhat elevated in 2021, we know these targeted investments will help ensure sustainable and profitable growth for Trion and is ultimately the right path forward to create additional long-term value. As we sit here in March and judging by our fourth quarter and overall 2020 performance, we remain very well positioned to succeed and significantly grow our gross written premium through 2021. We will continue to pursue organic growth within our existing markets to further increase our gross written premium. And it's clearly evident we've made significant progress in retaining more quality net earned premium, which should further enhance our bottom line going forward. With a robust balance sheet, we are confident that we can successfully execute on our growth strategies. Our business model and operating strategy is exceedingly resilient and powerful, and we are excited for what entails for 2021 and beyond. We remain focused on supporting our existing program partners, responsibly accepting new opportunities, seeking proper rate levels, and quickly and fairly resolving claims. I'm proud of our entire team for their continued efforts and dedication. And with that, I'll now turn the call over to our CFO, Julie Barrett. Julie?